Gibraltar Statements

The Ministry of Commerce of HM Government of Gibraltar issued a public consultation regarding a proposed regulation for blockchain-related activities, with the objectives of fostering Gibraltar's economic development, while providing safeguards for consumers as well as protecting the reputation and integrity of the Gibraltar jurisdiction.

The proposed regulation would amend the Financial Services (Investment and Fiduciary Services) Act of 1989 and give to the Gibraltar Financial Services Commission (GFSC) the role to authorise and supervise DLT firms. A licence fee, kept minimal to attract new entrants, would finance the licensing regime.

On December 6th 2017, the legislature amended the Financial Services (Investment and Fiduciary Services) Act of 1989 to introduce new measures for the protection of investors including in its scope "the customers of licensees carrying on controlled activities which are not investment services". The purpose of this bill is to pave the way to provide regulatory certainty according to Albert Isolar, the Ministry for Commerce.